Heung-A Shipping Q1 2026: Weak Earnings, Sharp Drop in Operating Profit... New Vessel Investment and Treasury Share Disposal Completed

Consolidated revenue KRW 40.0bn, operating profit KRW 1.1bn, net profit KRW 0.55bn (down YoY)
Separate revenue KRW 34.4bn, operating profit KRW 1.3bn, net profit KRW 0.28bn
EPS consolidated KRW 2, separate KRW 1 (vs KRW 13 and KRW 19 in prior year)
All 160,057 treasury shares sold in open market (completed Jan 29, 2026) → increased float, voting rights restored
Largest shareholder Janggeum Sangseon holds 70.71% (170,000,000 common shares)
Plans to order 3-4 new eco-friendly 26K stainless steel tankers (target delivery 2029)
Expansion of Singapore overseas network and AI adoption announced
Litigation risks: 4 cases (JPY 371.3mn, USD 0.4mn) and 2 arbitrations ongoing
Collateral provided: USD 17.8mn (assignment of rights related to ship financing)
Stock price surge: March 2026 average KRW 2,906 (up 63% from KRW 1,783 in February)